Homeowners self-insurance is when you use your savings or investments to cover potential losses or risks in lieu of purchasing an insurance policy and paying monthly premiums. Note that automobile liability insurance is mandatory in almost all states, and that mortgage companies usually require homeowners insurance.
Who can afford to consider self-insuring their home?
As you strive to find the best rates for your homeowners and auto coverage, you might think shopping around is the way to manage affordability. However, costs are increasing for everything–groceries, gasoline, and other household expenses–and so are costs for insurers that impact your premiums. Before changing your policy or carrier, consider some factors that can affect your rates and learn how an annual insurance checkup can position you to get the coverage right for you.
Purchasing a home can be an exciting event that can also come with new responsibilities and questions, especially for first-time buyers. One primary challenge is having a sound financial plan to pay repair or rebuilding costs if the house becomes damaged by peril–fire, earthquake, storm, etc.
Several forces – including construction costs that outpace inflation, growing natural catastrophe exposure, and more costly reinsurance – are converging to put upward pressure on property/casualty insurance premium rates across the United States.
Holiday lights and decorations provide a festive glow, but it only takes a spark to cause a devastating fire. Triple-I offers these tips to keep your festivities merry and bright.
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